Agreed about the contractors - I'm just gathering more info still on every component to try and get the most accurate bid.   

It would even leave you money for an unexpected major expense. 

A few pieces of advice:- if you intend to hold onto these properties for any length of time your property management company will become one of the most important components of your team.

Though if you're active (i.e. if the note is not with a servicer) than you could likely encounter UBTI.I utilize investment capital from earned income almost exclusively into investments with some depreciation component.

If you want to review your options with a lender, send me a PM.Seasonality is a component in areas around colleges of course but since UChicago isn't an isolated stand alone college town I think it would have less of an affect.

A great PM will also interview you, so be prepared to fill out a survey - managing unrealistic expectation is a major component of any PM's daily challenges.

Account Closed, are you sure your hard money repayments, plus insurance, plus taxes, PLUS vacancy allowance, plus SOME unexpected expenses that will be inevitable, will only total $888/m?

I negotiated a leasing agreement for a friend and the leasing company were very firm on all the components of the contract (no tenant improvement provided, no change to nnn) but were willing to be flexible on free rent with rent + extra rent to essentially try to get back as much money possible across the whole 5 year lease rather than up front (in order to get more free rent we upped our offer for 3 years to 5).

We mostly intended it to be a capex emergency fund in case we have something big and unexpected come up.

Unfortunately, I had to go through a very long eviction process where the tenant fought the entire way which caused additional unexpected expenses and longer holding than expected.